Oil: OPEC+ sticking to raise output from May
The originally scheduled 4/28 (3) OPEC+ ministerial meeting was held ahead of schedule on 4/27. The resolution was held on hold and was in line with market expectations. The prices of WTI and Brent crude oil futures remained stood at the prices of $63 and $66 per barrel respectively.
MM Analysis
On Tuesday evening, the OPEC JMMC Joint Ministerial Monitoring Committee (providing OPEC policy advice) recommended to maintain the agreement reached at the beginning of April (gradually increase in output by 350k, 350k, and 440k barrels per day from May to July). With the consent of 23 member states, the originally scheduled 4/28 OPEC+ ministerial meeting was also held ahead of schedule, and the resolution was held on hold and was in line with market expectations. WTI and Brent crude oil futures prices stood at $63 and $66 per barrel respectively.
Although the world’s important crude oil importing countries-India, Brazil, and Japan are facing a new Covid-19 wave, creating uncertainty for the recovery of crude oil demand, the OPEC JTC (Joint Technical Committee) remains optimistic about the trend of global economic recovery, maintaining the global crude oil demand forecast for 2021 at 96.5 million barrels/day, an increase of 5.95 million barrels/day from last year, and it is estimated that the OECD commercial crude oil inventory level will be digested in July this year to below the past 5-year average.
The next OPEC+ ministerial meeting is scheduled on June 1, 2021, production quotas for July and August of this year will be discussed.
MM Analysis
On Tuesday evening, the OPEC JMMC Joint Ministerial Monitoring Committee (providing OPEC policy advice) recommended to maintain the agreement reached at the beginning of April (gradually increase in output by 350k, 350k, and 440k barrels per day from May to July). With the consent of 23 member states, the originally scheduled 4/28 OPEC+ ministerial meeting was also held ahead of schedule, and the resolution was held on hold and was in line with market expectations. WTI and Brent crude oil futures prices stood at $63 and $66 per barrel respectively.
Although the world’s important crude oil importing countries-India, Brazil, and Japan are facing a new Covid-19 wave, creating uncertainty for the recovery of crude oil demand, the OPEC JTC (Joint Technical Committee) remains optimistic about the trend of global economic recovery, maintaining the global crude oil demand forecast for 2021 at 96.5 million barrels/day, an increase of 5.95 million barrels/day from last year, and it is estimated that the OECD commercial crude oil inventory level will be digested in July this year to below the past 5-year average.
The next OPEC+ ministerial meeting is scheduled on June 1, 2021, production quotas for July and August of this year will be discussed.
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